Friday’s Futures Setups
The indices gave us good
gains today, making good on the CVR
1 buy signal. This bullishness looks like it could carry through on Friday.
Soybean oil
(
BOH2 |
Quote |
Chart |
News |
PowerRating) reversed off its 10/22
lows, and looks headed for another day of pullback. Long above Thursday’s high,
but remember this is still a pullback from lows. Soybeans
(
SH2 |
Quote |
Chart |
News |
PowerRating) and soybean
meal
(
SMH2 |
Quote |
Chart |
News |
PowerRating) are in the same situation
Copper
(
HGH2 |
Quote |
Chart |
News |
PowerRating) is sitting on a ledge below
its 50-day moving average, right at its .618 retracement. We need a rally here,
or look about below.
Coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating) is trading in a triple bottom,
but it doesn’t look like it’s time to be long quite yet.
We got action off the .50 retracement in unleaded
gas
(
HUG2 |
Quote |
Chart |
News |
PowerRating) and heating oil
(
HOG2 |
Quote |
Chart |
News |
PowerRating) today. Of the two, unleaded looks
better for Friday.
|
Contract
|
Setup
|
Direction
|
Trigger
|
|
Soybean meal |
pullback from lows |
up |
above Thursday’s high |
| Copper ( HGH2 | Quote | Chart | News | PowerRating) |
bear flag, at .618 |
up | above Thursday’s high |
|
Soybean meal |
pullback from lows |
up |
above Thursday’s high |
| Soybean oil (BOH2) |
pullback
|
up
|
above
|
| Soybeans (SH2) |
pullback |
up | above Thursday’s high |
| Heating Oil (HOF2) |
bounce
|
up | above Thursday’s high |
| Unleaded Gas (HUF2) |
bounce
|
up | above Thursday’s high |
Please note that while there are strong trends in
some commodities, one bar or a series of bars forming a setup can sometimes
indicate a contra move for the next day. This contra move may not be
long-lasting — maybe only for a day or two. Trading with the main trend is
always the highest probability trade.
Use stops on all your
trades.
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